1. Can you come and evaluate my property or estate in person?
Absolutely. We travel all over North America in certain situations where large quantities of items necessitate on-site evaluation. We make such determinations on a case by case basis with the deciding factor typically being the quality and quantity of property involved. We encourage you to contact us about your large collection or estate.
2. How do you arrive at the pre-sale estimates for my property?
We provide estimates for the sale price of your property by researching current trends and auction sales records for identical or similar items. The estimates are not an appraisal value but are our professional opinion as to the amount for which the property is likely to be "knocked down" on the auction block. Actual hammer price may be higher or lower than the estimated range.
3. Do you use reserves (or, a set price below which you will not sell my property)?
Generally, yes. Unless otherwise instructed by the consignor, property is sold subject to a reserve amount. All single items with an average estimate of more than $300 are sold with a reserve. The default reserve price for those items is ½ of the lower estimate. For example, if an item has an estimate of $1,000 to $1,500, then the reserve price is $500, and we will not sell the item for less than that amount.
4. How much will my property sell for?
While individual items may do particularly well or poorly on any given day at auction, prices achieved at public auctions generally reflect fair-market value, or "intrinsic" value. Our auctions are public auctions, and this means that both collectors and dealers can participate in the bidding. Wholesale auctions are closed to the public and only wholesale buyers and dealers are allowed to participate. Typically, fair market value is achieved at public auctions: higher than wholesale value but less than retail value. Fair market value is determined by the informed bidding public, and can be very much a "moving target" as market conditions do change over time for individual items.
5. How do I consign my property?
The first step is to contact us. If the specialist determines that your book or manuscript is right for one of our auctions, then you will be contacted with a consignment contract and additional instructions.
6. When will I receive proceeds from the sale?
Checks are mailed to consignors within 30 days of the settlement. "Settlement" is when the buyer pays for the items they win.
7. What commissions are charged to the consignor?
We retain a commission based upon the final bid price, and the rate varies depending upon the final bid price. As the bid price goes up, the commission percentage is reduced. Our average commission rates are very competitive with other comparable auctioneers. However, we do not charge the hidden fees that many other auctioneers do, and this is a major advantage in consigning with us. In short, commissions vary depending upon the item you have, or the quantity.
8. What happens if my property receives no bids?
If your property receives no bids or fails to meet the reserve price, we will offer you the option to either a) reduce the estimate and reserve and re-offer the property in a later sale, or b) we can return the item to you.
9. May I bid on my own items?
Sellers are not allowed to bid on their own items. Bidding by the consignor on their own property may subject the consignor to criminal or civil liability. Reserve prices are used to protect the consignor's interests.
10. I have submitted details of my property to be considered for consignment, but I have not heard back from a specialist. Should I re-send the information?
We are generally very prompt in replying to potential consignors. Typically, you will receive a response within 2 business days. Due to the number of submissions we receive each day, we may not always be able to respond to submissions that may not be right for our auctions. If you do not receive a response within one week of submitting your material, then this typically means that the property you wish to consign is not right for our auction. We appreciate your understanding as we do our best to respond to queries in the most time-efficient and thorough way.
11. How late can I wait before consigning my property to an auction?
Consignment deadlines for most sales are roughly 3 months prior to the sale date. This time-frame ensures that we have time to properly catalogue the items and advertise the sale. In emergency situations, we may be able to consign one item or a small number of items shortly after the deadline. Consignment deadlines can be viewed on the Calendar page (see menu, left).
12. How soon will I know how much my property sold for?
The online catalogue is updated, both during and just after the sale, to show the results for each lot.